Foreclosure-related vacancy rates
The national foreclosure crisis has caused there to be millions more vacancies in our housing stock than before. Vacant homes lower their community’s property values and quality of life. Neighbors and public officials know foreclosed homes sit empty for months, but precise measures of foreclosure-related vacancy are rare. Using data from Cuyahoga County, Ohio, I trace the rise and fall in the vacancy rates of homes during the 18 months following their foreclosure. Ominously, the data suggest that foreclosure may permanently scar some homes. Foreclosed homes still have higher vacancy rates than neighboring houses two to five years after a sheriff’s sale.
Volume (Year): (2011)
Issue (Month): July ()
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References listed on IDEAS
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- Giglio, Stefano & Pathak, Parag & Campbell, John Y., 2011.
"Forced Sales and House Prices,"
9887623, Harvard University Department of Economics.
- Hartley, Daniel, 2014.
"The effect of foreclosures on nearby housing prices: Supply or dis-amenity?,"
Regional Science and Urban Economics,
Elsevier, vol. 49(C), pages 108-117.
- Daniel Hartley, 2011. "The effect of foreclosures on nearby housing prices: supply or disamenity?," Working Paper 1011, Federal Reserve Bank of Cleveland, revised 01 Sep 2014.
- Schuetz, Jenny & Been, Vicki & Ellen, Ingrid Gould, 2008. "Neighborhood effects of concentrated mortgage foreclosures," Journal of Housing Economics, Elsevier, vol. 17(4), pages 306-319, December.
- Harding, John P. & Rosenblatt, Eric & Yao, Vincent W., 2009. "The contagion effect of foreclosed properties," Journal of Urban Economics, Elsevier, vol. 66(3), pages 164-178, November.
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